GST returns
1.
A Guide to Different GST Returns -This return is for reporting all your sales,
including business-to-business (B2B) and business-to-consumer (B2C)
transactions. It's due by the 10th of each month, or the end of the month
following a quarter if you file quarterly.
2.
GSTR 3B: Simple Monthly Filing - This return gives a summary of how much tax
you owe after considering your sales and purchase taxes. It’s due on the 20th
of each month.
3.
GSTR 4: Quarterly GST Return for Composition
Scheme - This return is for businesses using
the composition scheme, which allows them to pay GST at reduced rates of 1% to
5%. It needs to be filed quarterly.
4.
GSTR 1A: Correct Sales Invoices and Mismatches
- This return helps correct any
mistakes or mismatches in sales figures with your customers. It’s used to fix
errors in the invoices you’ve issued.
5.
GSTR 8: Report Tax Collected by E-Commerce
Sellers - E-commerce operators must file this
return by the 10th of each month. It reports the Tax Collected at Source (TCS)
they’ve collected on sales.
6.
GSTR 9: Annual GST Summary for Registered
Businesses - This
is the Annual GST return, which is to be filed by all registered persons till
31st December of every financial year.
Why
You Should File GST Returns on Time
- Avoid
Penalties:
Late GST returns can incur a daily fine of INR 200, up to a maximum of INR
5,000 per return.
- Prevent
Registration Cancellation: Consistent delays in filing GST returns
could lead to the cancellation of your GST registration.
- Maintain
Good Customer Relationships: Timely returns ensure your customers can
smoothly claim input credits, fostering better relationships.
- Improve
Compliance Rating:
Timely filing contributes to a better compliance rating, as the government
tracks GST registrants’ performance.
- Facilitate
Loan Applications:
Accurate and timely GST returns are crucial for loan applications, as
banks assess your credibility based on these returns.
- Ensure
E-Waybill Generation:
Regular GST filing is necessary for generating e-waybills for transporting
goods. Failure to file returns for two consecutive months can restrict
this process.
GST
Return Filing Steps
1.
Send Us Your Details: Email the necessary information
and documents.
2.
Select a Package and Pay Online: Choose your
service package and make the payment online.
3.
Get a Dedicated Professional: Once you
place your order, a dedicated expert will be assigned to you.
4.
Review and Confirm: Your expert will prepare the GST return and let you know the tax
amount due.
5.
Filing the Return: Your expert will file the GST return online with the GST
department.
6.
Receive Confirmation: Share the receipt you get from
the portal as proof of filing.